The Biden administration has announced new measures it says could help make buying and owning a home more affordable for hundreds of thousands of people.
new measures it says could help make buying and owning a home more affordable for hundreds of thousands of people.
The plan will cut mortgage insurance costs by 30% for buyers who take out Federal Housing Administration-backed mortgage loans, from 0.85% to 0.55%. The reduction could save 850,000 homebuyers and homeowners who have FHA loans an average of $800 this year, according to the Biden administration.Mortgage insurance is the additional expense that homebuyers have to pay if they put down less than 20% when buying a property.
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